The options and futures markets were extremely optimistic about the price of Bitcoin. Purchase settlements on the BitMex exchange reached $ 20 million. Futures contracts and daily turnover are rising. The options market asks for a price of BTC around $ 36,000.
This price would exceed with maximum high clearance of December 2017 when the cryptocurrency reached $ 20,000.
Bitcoin purchase settlements at BitMEX have exceeded double the volume of sale settlements. And with open purchase contracts and daily volumes rising, Bitcoin futures markets are very optimistic about the price.
The purchase of long sales (bought) for XBTUSD reached US $ 20 million, compared to the sale of short sales (sold), which only reached US $ 9.2 million.
This may have influenced Bitcoin's price hike at the $ 10,500 psychological barrier yesterday. Overall, Bitcoin futures markets went into action with open contracts and daily aggregate volumes showing an upward trend.
After falling below the $ 4 billion mark on September 4, open contracts for Bitcoin futures reached the $ 4 billion level again yesterday. The daily volume of futures trading rose to $ 11 billion, after falling sharply from $ 16 billion to $ 8 billion on the 9th.
It's from wake up With the latest report released today by Skew, a total of 2,000 Bitcoin option contracts traded yesterday at CME required BTC prices to reach $ 11,500, $ 12,000 and $ 12,500 on October 20.
It is important to note that in a bet known as a 'call', an options dealer may refuse to buy a particular asset at the predetermined price before the set date. He is not required to make the purchase. The same goes for 'put' bets on options trading.
Will BTC exceed 12 thousand again?
Popular trader and analyst Crypto Michael noted in a tweet that today the price of Bitcoin needs to firmly support support at $ 10,350, with $ 10,700 being the resistance that needs to be broken. BTC already did this in the morning trading session. Thus, an entry into the $ 11,000- $ 11,200 zone will become inevitable.
Josh Rager says he is ‘upward inclined’ to to point that the BTC closed continuously above the $ 9940-10.173 level for two weeks
The effects of derivatives markets generally reach the spot market (in the spot or spot market, operations are carried out that are carried out on the spot). Historically, this has been the case with Bitcoin. It appears that bullish futures and options trading activity may reflect on the spot trading scenario as well, perhaps leading BTC to reach $ 12,000.
Also read: Bitcoin price drops R $ 2,000 in a few hours., What happened?